Singapore Exchange Regulation (SGX RegCo) Proposes Broader Use of Broker Custody Accounts (Omnibus Broker Custody Model) Which Allows Viewing of Foreign-Listed & SGX-Listed Securities in 1 Broker, Currently 2/3 of Retail Accounts in The Central Depository (CDP) are Individually-Segregated Direct Accounts & 1/3 in Broker Custody Accounts
1st February | Hong Kong
The Singapore Exchange Regulation (SGX RegCo) is proposing broader use of broker custody accounts (Omnibus broker custody model), which allows viewing of foreign-listed & SGX-listed securities in 1 broker. Currently, 2/3 of retail accounts in The Central Depository (CDP) are individually-segregated direct accounts & 1/3 are in broker custody accounts. Announcement (30/1/26): “Singapore Exchange Regulation (SGX RegCo) is seeking public feedback on proposed rule amendments to facilitate the broader use of broker custody accounts, in line with global practices. This follows the Equities Market Review Group’s endorsement of modernising Singapore’s post-trade custody infrastructure and its recommendation to introduce supporting measures to ensure a smooth transition for market participants moving towards a broker custody model. Today, about two-thirds of retail accounts in The Central Depository (Pte) Limited (CDP) are individually-segregated direct accounts, while the remaining one-third are in broker custody accounts. Retail investors who maintain direct accounts in CDP for their SGX-listed stocks also maintain broker custody accounts, usually on an omnibus basis, for their foreign-listed shares. If investors adopt the same broker custody model for both their SGX-listed and foreign-listed securities, they can view and manage all their holdings together through the same broker. Brokers will also be able to offer investors more value-added services, such as fractional trading, portfolio management, robo-investing, as well as other innovative products and services. Introducing an omnibus broker custody model could also encourage greater participation by internationally active asset managers and enhance Singapore’s competitiveness as a trading and investment hub. These asset managers are accustomed to omnibus structures in other major markets, but must currently maintain a separate system to accommodate individually-segregated accounts when operating in Singapore. Aligning with the omnibus approach will make it easier for them to enter and participate more actively in Singapore’s stock market. SGX RegCo is consulting on rule amendments to effect the following: 1) enable the use of omnibus broker custody accounts; 2) require those who operate broker custody accounts (i.e. brokers and depository agents) to facilitate clients’ exercise of shareholder rights. This includes requiring them to disseminate to clients notices of meetings and corporate action events, to assist clients in requisitioning meetings and to provide clients sufficient time to give instructions; and 3) enhance the regulatory framework for depository agents to maintain robust regulatory oversight. The consultation is found here and is open till 27 March 2026. Notwithstanding the proposed changes, retail investors may choose to continue using direct accounts even after the changes take effect.”
“ Singapore Exchange Regulation (SGX RegCo) Proposes Broader Use of Broker Custody Accounts (Omnibus Broker Custody Model) Which Allows Viewing of Foreign-Listed & SGX-Listed Securities in 1 Broker, Currently 2/3 of Retail Accounts in The Central Depository (CDP) are Individually-Segregated Direct Accounts & 1/3 in Broker Custody Accounts “
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Ng Yao Loong, Head of Equities, SGX Group: “The concept of broker custody accounts is not new to Singapore market participants. We believe it is timely for a wider adoption of the broker custody model as it brings meaningful benefits for both investors and brokers. Investors can consolidate both their overseas and local portfolios with a single broker and tap into value‑added services such as customised insights and portfolio management. This streamlined experience supports more active investor engagement, while giving brokers greater ability to offer more value-added services and strengthen their client relationships.”
Tan Boon Gin, CEO of SGX RegCo: “As we modernise our market infrastructure, we want to ensure that the standards of our custody framework remain robust. Our proposals seek to provide strong assurance on the integrity of the operational and custody processes that intermediaries employ to service investors. More consistent and reliable processes across the industry will support wider adoption of the broker custody modeland ultimately contribute to a more dynamic and competitive stock market.”
Singapore Exchange Regulation (SGX RegCo) Proposes Broader Use of Broker Custody Accounts (Omnibus Broker Custody Model) Which Allows Viewing of Foreign-Listed & SGX-Listed Securities in 1 Broker, Currently 2/3 of Retail Accounts in The Central Depository (CDP) are Individually-Segregated Direct Accounts & 1/3 in Broker Custody Accounts
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